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Dec 31, 2012
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the house is not likely to vote on anything related to the fiscal cliff tonight. obviously we are going over the fiscal cliff. we go over regardless. the main point here is that this bill did not solve anything as far as the debt is concerned. you know, the democrats have said to me today look, we've already put cuts in. now, yes, they agreed to spending cuts in 2011 as you know over a ten-year period. but those cuts have not occurred yet. these are cuts over ten years that really very few people believe will actually happen. there are also cuts of projected increases. so so far we haven't seen any cuts to spending. we're only seeing expectations and conversations of cuts of projected increases in spending. >> right. >> it certainly feels we've got a way to go. >> that's where the republicans have the leverage, the debt ceiling. >> exactly. >> and this is going to be another fight over and over again. >> what we heard from mitch mcconnell earlier today was let's get a vote on the tax portion of this agreement and then they can worry about the spending cuts. and i
the house is not likely to vote on anything related to the fiscal cliff tonight. obviously we are going over the fiscal cliff. we go over regardless. the main point here is that this bill did not solve anything as far as the debt is concerned. you know, the democrats have said to me today look, we've already put cuts in. now, yes, they agreed to spending cuts in 2011 as you know over a ten-year period. but those cuts have not occurred yet. these are cuts over ten years that really very few...
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Dec 26, 2012
12/12
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to avoid the fiscal cliff, but little progress has been made. >>> a chinese ratings agency is putting the u.s. on negative watch citing troubles with long-term debt issues. on a statement on its web site, global credit says each political party insists on the proposition favorable for its own interest. it expects u.s. debt to rise to 105% of gdp this year and warns the country will probably fall into recession in 2013 if there's no resolution to the fiscal cliff. last year, it cut u.s. treasuries from a to a-plus with a negative outlook. >>> and the holiday shopping season is drying to a close. early numbers suggest what started out strong is ending with a whimper. mastercard spending pulse unit estimates sales rose .7% over the past two months, which would be the weakest pace since 2008 during the financial crisis. many analysts had expected sales to rise 3% to 4%. several events may have, of course, pushed consumers to spend less this season including hurricane sandy and concerns about how tax hikes from the fiscal cliff could impact their wallets. joining us for more on the numbers
to avoid the fiscal cliff, but little progress has been made. >>> a chinese ratings agency is putting the u.s. on negative watch citing troubles with long-term debt issues. on a statement on its web site, global credit says each political party insists on the proposition favorable for its own interest. it expects u.s. debt to rise to 105% of gdp this year and warns the country will probably fall into recession in 2013 if there's no resolution to the fiscal cliff. last year, it cut u.s....
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Dec 29, 2012
12/12
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cliff deal and not even a new offer from the white house. three days to go. president obama asked the senate leaders to try to make a deal. we'll get more on all of it from washington next. so, this board gives me rates for progressive direct and other car insurance companies? yes. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. so them are here. yes! you want to run through it again? no, i'm good. you got it? yes. rates for us and them -- now that's progressive. call or click today. ♪ ♪ [ male announcer ] everyone deserves the gift of all day pain relief. this season, discover aleve. all day pain relief with just two pills. >>> welcome back to "the kudlow report." i'm michelle caruso-cabrera in for larry kudlow. we continue to wait for a fiscal deal. president obama has punted the decision to the senate asking them to come up with a deal. the markets don't like it. they sold off today during the after-hours session and stocks are get
cliff deal and not even a new offer from the white house. three days to go. president obama asked the senate leaders to try to make a deal. we'll get more on all of it from washington next. so, this board gives me rates for progressive direct and other car insurance companies? yes. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. so them are here. yes! you want to run through it again? no,...
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Dec 26, 2012
12/12
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. >>> coming up on "closing bell" five days until we fall off the so-called fiscal cliff. can lawmakers get their act together in the meantime? we will hear from former vermont governor howard dean, former white house economist, jared bernstein and a host of others who will weigh in. >>> don't look now but obama care taxes may just be getting started. will congress take aim at employer-sponsored health insurance? we will look at that and aetna's ceo will weigh in. >>> it's getting messy with this storm making its way across the country. now it's on the east coast. we have the latest on the nor'easter and how it could affect your money. mandy is kind of to stick around, stay late for us. she'll be with me at the top of the hour. see you guys then. >> you twisted my arm. >>> meantime, some signs of life in the housing market. the s & p home price index rose 4.3% year over year, the biggest increase in two and a half years. the index was down .1% month over month but that is likely seasonal so let's ignore it. all in all, no doubt housing making a big recovery in much of amer
. >>> coming up on "closing bell" five days until we fall off the so-called fiscal cliff. can lawmakers get their act together in the meantime? we will hear from former vermont governor howard dean, former white house economist, jared bernstein and a host of others who will weigh in. >>> don't look now but obama care taxes may just be getting started. will congress take aim at employer-sponsored health insurance? we will look at that and aetna's ceo will weigh in....
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Dec 27, 2012
12/12
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on the fiscal cliff. republicans have been resisting that by announcing the debt ceiling limit will be held on monday, ratchets up the pressure to include the debt ceiling piece in the final package, whatever that may be, but still not clear, carl, there is going to be a final package of any kind. one quick note, we saw the realism. pact in the real world of the debt situation. treasury announcing yesterday it has suspended the sale of state and local government securities, government series securities. so already, they are doing some maneuvering here financially to try to avoid that debtly limit. the treasury secretary says he doesn't know how much wiggle room they are going to have, given that all the fiscal cliff uncertainty is out there. >> eamon, on this idea that the house members get called back with 48 hours' notice. traders are looking for that headline if it happens almost that bleed out there or procedural moment where that is announced, so to speak? >> a good question. i have been in touch wit
on the fiscal cliff. republicans have been resisting that by announcing the debt ceiling limit will be held on monday, ratchets up the pressure to include the debt ceiling piece in the final package, whatever that may be, but still not clear, carl, there is going to be a final package of any kind. one quick note, we saw the realism. pact in the real world of the debt situation. treasury announcing yesterday it has suspended the sale of state and local government securities, government series...
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Dec 26, 2012
12/12
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we've got housing, we've got automobiles. both have put in good numbers and we would expect that our economy will be able to weather the rockiness near term and benefit from an agreement on this fiscal cliff. >> steve weiss quickly. >> john, how do you see it playing out? we've seen a lot of ends being front end loaded only to fall off and maintain the back end. with everything that's going on in terms of spending, cutting back from europe and from u.s. standpoint. how do you see it playing out next year in terms of the market action? >> in terms of the market action, what we would expect, the first quarter a lot is going to depend on what happens with the fiscal cliff. as i said before, if we move into a recession, you're not going to get a 1585 target or 2 $108 in earnings. we're not expecting the powers that be in washington are going to be willing to save a defeat from the jaws of victory. >> you haven't watched them before, john, have you? >> i've been around for a long time. i have watched them before. i do know that th
we've got housing, we've got automobiles. both have put in good numbers and we would expect that our economy will be able to weather the rockiness near term and benefit from an agreement on this fiscal cliff. >> steve weiss quickly. >> john, how do you see it playing out? we've seen a lot of ends being front end loaded only to fall off and maintain the back end. with everything that's going on in terms of spending, cutting back from europe and from u.s. standpoint. how do you see it...
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Dec 24, 2012
12/12
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and it is all caught up in the fiscal cliff story. >> unbelievable. from a business standpoint bb you have to operate your business regardless of what is going on and the fact we have this uncertainty. there is talk ever further consolidation. is that good for travellers or better to get more capacity out of the air? >> i think that more consolidation is good. it'll start to strip out some of the unnecessary capacity. from an industry perspective, what we are looking for is elected leaders and others to understand the importance of air travel. airlines drive flight percentage gdp. we are talking about a policy in 2013. something about rationalization with taxation. you talk about investment and infrastructure. my gosh, infrastructure in the united states on the ground and in the air. by the way, you talk about also being more globally competitive. this is what a national airline policy is all about. regardless of consolidation, that's what we think makes a great deal of sense for 2013. >> when we were in commercial break, i said, wow, that's interesti
and it is all caught up in the fiscal cliff story. >> unbelievable. from a business standpoint bb you have to operate your business regardless of what is going on and the fact we have this uncertainty. there is talk ever further consolidation. is that good for travellers or better to get more capacity out of the air? >> i think that more consolidation is good. it'll start to strip out some of the unnecessary capacity. from an industry perspective, what we are looking for is elected...
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Dec 24, 2012
12/12
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they're so worried about everybody in the fiscal cliff. they're obviously worried about how a & p is going to affect people, marginal tax rates, the middle class. good. people need to be worried about the middle class but exactly how worried are they? where there is a will there is a way. there was a will in 1895, a will three years ago. yeah, 2009. but obviously there is a whole lot more talk than action because, let's see, i hear crickets or i hear some hula music but i certainly don't hear the ruffling of papers as any bill is getting passed. so i guess i will leave on this note on christmas eve. you know, i send my best wishes to all the military that are out of the country protecting us and making sure they secure the rights for every american, and i say to congress and the president, if you really were so concerned, you could have done a repeat performance. obviously obama care is signature legislation. cornhuskers, a lot of back room deals. but after 25 days of straight debating, they did pass it on christmas eve. i guess this bill
they're so worried about everybody in the fiscal cliff. they're obviously worried about how a & p is going to affect people, marginal tax rates, the middle class. good. people need to be worried about the middle class but exactly how worried are they? where there is a will there is a way. there was a will in 1895, a will three years ago. yeah, 2009. but obviously there is a whole lot more talk than action because, let's see, i hear crickets or i hear some hula music but i certainly don't...
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Dec 26, 2012
12/12
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i think that's a bigger item than the fiscal cliff. the long-term question about taxes is clearly the mortgage deduction. given they haven't even got to the headline items for the fiscal cliff, they won't get to the mortgage deduction for a few weeks, if not longer. >> finally, david, shadow inventory. we hear a lot about it, talk a lot about it. it doesn't seem to be the concern some anticipated, at least when we go back to 2012, 2011 to current. >> to some extent on a national basis, i think the shadow inventory story is a little bit overdone. i think it's gradually being worked off. foreclosures have been -- or the number of homes in foreclosure have been declining in the last several months and i think are likely to continue to decline. localized areas it can be a big problem, but nationally, i think it's a little bit overdone and a bit overstated. >> david, we're going to leave it there. david blitzer, s&p's managing director of the s&p 500 index committee. >> thank you. >> who will be celebrating the day after christmas? the bull
i think that's a bigger item than the fiscal cliff. the long-term question about taxes is clearly the mortgage deduction. given they haven't even got to the headline items for the fiscal cliff, they won't get to the mortgage deduction for a few weeks, if not longer. >> finally, david, shadow inventory. we hear a lot about it, talk a lot about it. it doesn't seem to be the concern some anticipated, at least when we go back to 2012, 2011 to current. >> to some extent on a national...